This paper builds a framework for the analysis of macroeconomic fluctuations that
incorporates the endogenous determination of the number of producers and products over …

This paper studies the role of endogenous producer entry and product creation for monetary
policy analysis and business cycle dynamics in a general equilibrium model with imperfect …

We characterise endogenous market structures under Bertrand and Cournot competition in
a DSGE model. Short‐run mark ups vary countercyclically because of the impact of entry on …

The response of trade to a monetary union is a dynamic process. An empirical study of the
European monetary union finds that the extensive margin of trade in new goods responded …

Two business cycle models with endogenous firm and product entry are estimated by
matching impulse responses to a monetary policy shock. The 'competition effect'implies that …

Due to its impact on nominal firm profits, price rigidity amplifies the response of entry and exit
to adverse supply shocks, such as COVID-19. This “entry-exit multiplier” triggers substantial …

Studies argue that macroeconomic contractions create immediate incentives for individuals
to pursue entrepreneurship. However, research has not addressed whether past …

We identify a new channel through which monetary policy affects productivity at business
cycle frequencies. An unexpected monetary easing initially reduces average labor …

I study the implications of fluctuations in new firm creation across industries on asset prices. I
write a general equilibrium model with heterogeneous industries, allowing for firm entry and …

We analyze whether start-up rates in different industries systematically change with
business cycle variables. Using a unique data set at the industry level, we mostly find …